JSW Steel and South Korea’s POSCO Group have signed a non-binding Heads of Agreement to jointly explore setting up a six million tonnes per annum integrated steel plant in India.
This agreement comes after the Memorandum of Understanding (MoU) signed by both parties in October 2024. The agreement outlines the broad framework for the proposed 50:50 joint venture between the Indian steelmaker and the South Korean steel mega corporation.
The agreement was signed by Jayant Acharya, Joint Managing Director & CEO, JSW Steel, and Lee Ju-tae, Representative Director and President, POSCO Holdings.
Odisha among top contenders for plant
JSW Steel said that as part of the next steps, JSW and POSCO will undertake a detailed feasibility study to finalise the plant’s location, investment terms, resource availability, and other critical factors. The company added that, given its natural resource base and logistical advantages, Odisha is among the key locations being considered.
Jayant Acharya said that the partnership brings together JSW’s proven execution capabilities and strong domestic footprint with POSCO’s technological leadership in steelmaking.
POSCO’s Lee Ju-tae said that India is central to the future of global steel demand. He added that their collaboration with JSW is based on mutual trust and a shared long-term vision.
JSW Steel added that the final terms of the agreement between the two companies are subject to approvals and feasibility.